Government has given 3 months time for black money disclosure
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Government has given three months time till 30th September for people to declare their undisclosed foreign income and assets to escape prosecution under the new Black Money Law. Those making the disclosure during this period will have further three-months time till 31st December this year to pay the taxes and the penalty on their foreign income and assets.
The Ministry has said, the people availing the one-time compliance window would be required to pay a tax of 30 per cent and a penalty of a similar amount.
Under the Black Money (Undisclosed Foreign Income and Asset) and Imposition of Tax Act, 2015, which will come into force from April next year, the penalty would be much higher at 90 per cent, in addition to the 30 per cent tax on undisclosed foreign assets.
The new Black Money law was passed by Parliament in May and was notified on 26th of May this year. The Act provides for separate taxation of undisclosed foreign income and assets. Stringent penalties and prosecution, including rigorous imprisonment up to 10 years and penalty equal to three times of the tax have been prescribed for violation.
The Ministry has said, the people availing the one-time compliance window would be required to pay a tax of 30 per cent and a penalty of a similar amount.
Under the Black Money (Undisclosed Foreign Income and Asset) and Imposition of Tax Act, 2015, which will come into force from April next year, the penalty would be much higher at 90 per cent, in addition to the 30 per cent tax on undisclosed foreign assets.
The new Black Money law was passed by Parliament in May and was notified on 26th of May this year. The Act provides for separate taxation of undisclosed foreign income and assets. Stringent penalties and prosecution, including rigorous imprisonment up to 10 years and penalty equal to three times of the tax have been prescribed for violation.
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